The Global Islamic Banking Software Market 2017-2021 report from Technavio, issued in September 2017, has been added to Research and Markets' portfolio. The report includes software sales for retail banking, corporate banking, capital markets, dealing, brokerage, and investment banking.
The global Islamic banking software market is forecast to grow at a CAGR of 12.6% from 2017-2021.
One trend in the market is Blockchain with digital transformation of industry verticals such as BFSI and manufacturing driving the Blockchain technology market.
Technavio has also observed growth in the number of sukuk issues and commented that banks and financial organisations are finding it increasingly difficult to monitor and manage them. As opposed to conventional bonds, which merely confer ownership of the debt, sukuk grants the investor a share of an asset along with the commensurate cash flows and risks. Sukuk securities do not charge or pay interest. The sukuk growth rate is currently 10%-15% globally. Another challenge is around system integration and interoperability.
Key vendors mentioned in this report include ITS, Oracle, Path Solutions and Temenos. Other prominent vendors listed in the report include:
AutoSoft Dynamics
BML Istisharat
EdgeVerve (an Infosys company)
ICS Financial Systems
INFOPRO
Infrasoft Technologies
Intertech
Millennium Information Solution
Misys
Nucleus Software Exports
SAB
Silverlake Axis
Sopra Banking Software
Tata Consultancy Services and
VIRMATI SOFTWARE & TELECOMMUNICATIONS
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